On April 19, 2024, the Cayman Islands government published the Anti-Money Laundering (Amendment) Regulations, 2024. The updated compliance requirements include counterterrorist and proliferation financing measures in addition to AML.
Key amendments are as follows:
- • Include sanctions screening with enhanced due diligence for higher risks
- • Offences by an entity with the consent, connivance, or neglect of a director, manager, or secretary can result in fines for those individuals
- • DNFBPs need to provide details of their AML Officers and beneficial owners during registration.
- • DNFBPs must notify their supervisory authority of any changes in their AML risk assessment.
- • For one-time transactions, the customer due diligence barrier reduced to CI $10,000
